Yankees slugger Alex Rodriguez is not only chasing his 600th home run — but also money from leveraged buyout king Tom Hicks.

The bankrupt Texas Rangers owned by Hicks Sports Group did not put $40 million of players’ deferred compensation into an escrow account, meaning former player A-Rod could be out $24.9 million in deferred pay when the team is sold.

In a bankruptcy court filing on Wednesday, lawyers for A-Rod said they believe “no monies are currently being held in escrow for this purpose.”

Any buyer of the baseball team is not obligated to fund the escrow account, although sources said a buyer likely would do so in order to stay in the good graces of Major League Baseball.

Still, the uncertainty surrounding A-Rod’s deferred compensation led his legal team to ask the judge in the case to make funding the escrow account a bidding requirement.

A-Rod signed with the Rangers in February 2001, and played with them for three seasons. He has admitted to taking steroids when he was a Ranger due to “an enormous amount of pressure to perform.”

Deferred compensation is money a team agrees to pay years down the road. The team has lower payroll in the near term by pushing payments into the future. All of the current owners have funded escrows, according to a league source, who added that what Hicks did was “extremely rare.”

Despite A-Rod’s woes, Hicks is hoping to collect roughly $80 million in the bankruptcy case by selling an adjacent parking facility to a bidding group led by Hall of Famer Nolan Ryan.

Several sources say the parking facility, including the land on which it is built, is worth closer to $10 million and believe Ryan’s group is being overly generous to gain Hicks’ backing.

“The land received appraisals at approximately $70 million and, in fact, other prospective owners of the Rangers entered separate bids for the land at very similar valuations,” said a Hicks spokesman.

If Ryan’s group prevails in an Aug. 4 auction of the team, Hicks will also get to maintain a 1 percent stake in the Rangers.

“He has no shame,” said one source involved in the Rangers’ bankruptcy.

A-Rod’s lawyer did not return calls seeking comment.

Dallas Mavericks owner Mark Cuban is also among the potential bidders for the Rangers.